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Saudi Customs Completes Cross-Border Blockchain Trade Pilot Scheme

Redwan Eid | Jan. 3, 2019
Saudi Customs Completes Cross-Border Blockchain Trade Pilot Scheme

January 03, 2019 | AtoZ Markets - The Saudi Customs authorities have recently announced completing its pilot scheme, as a linking joint between its cross-border trade platform FASAH, and IBM and Maersk’s TradeLens blockchain platform on the other hand.

In a press release issued the last week, the Saudi Customs department expressed its desire for connecting together all governmental and private entities involved in cross-border trade.

“As part of its blockchain pilot program, Saudi Customs, with its IT partner, Tabadul, oversaw the integration of FASAH with TradeLens, a blockchain-enabled global shipping solution jointly developed by Maersk and IBM. FASAH is Saudi Arabia’s national platform which connects all government and private entities involved in cross border trade.”, said the press release in its beginning.

"Immutability, traceability, reduced reconciliation, auditability, and compliance." came as a broad headline to identify the step taken.

Ahmed Alhakbani, Governor of Saudi Customs, expressed in his turn that the project fulfils the department’s vision in facilitating and enhancing trade and security levels, in parallel with the ongoing work for making the Saudi Arabian Kingdom as “one of the world’s premier logistics hubs”, stressing that the move comes in confirmation that the authorities are on the right way, as per the publication.

The Saudis say the project comes as part of the state's plan for improvement

TradeLens, which is a joint effort between IBM and Maersk made in August last year, is intended to be a basis for digital supply chains and was launched with almost 100 entities willing to take part in the pilot.

Following the United Arab Emirates (UAE), Riyadh has started to look at integrating the blockchain technology into its state procedures.

Abu Dhabi Ports had announced its partnership with its Belgian equivalent for starting a blockchain-powered supply chain pilot project, as AtoZ Market reported last October.

The project named Silsal was said to be using an electronic blockchain ledger system to provide “full cargo visibility” besides streamline trade flows and supply chains.

The world’s biggest oil exporting country has recently entered the emerging markets, amid noticeable welcome in the financial avenue, with the kingdom unveiling its “Vision 2030” plan that aimed for reducing the country’s dependence on oil, and expanding the economy in further fields, in addition to encouraging the foreign investment in the country more, as AtoZ Markets reported last May.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.